India pays $550m oil dues to Iran

New Delhi, July 8, 2014

India paid a second installment of $550 million in oil dues to Iran on Tuesday (July 8) under an interim deal that allowed Tehran access to $4.2 billion in blocked fund globally, two industry sources said.

Asian buyers such as Japan and South Korea have already cleared some of the money they owe for imports of Iranian oil under a payment schedule approved by world powers in a breakthrough nuclear deal with Iran last November. - Reuters